纳尔股份(002825) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, outlines the report structure, and defines key terms for clarity Important Notice The Board of Directors, Supervisory Committee, and senior management ensure the report's truthfulness, accuracy, and completeness, highlighting key risks and corresponding mitigation strategies - To address geopolitical risks, the company leverages overseas factories to integrate the supply chain and expands market development in "Belt and Road" countries[5] - The company mitigates anti-dumping policy impacts by establishing overseas subsidiaries and offsets delivery risks from geopolitical conflicts by broadening financial and logistics channels[6] - The company shares exchange rate risks with customers through price adjustment mechanisms and uses hedging tools to stabilize performance fluctuations[8] - The company manages raw material price fluctuation risks through strategic stocking and futures hedging[9] Definitions This chapter defines key terms used throughout the report, including the company, its major subsidiaries, the reporting period, and regulatory bodies - The reporting period refers to January 1, 2025, to June 30, 2025[18] Company Profile and Key Financial Indicators This section presents the company's fundamental information and a summary of its key financial performance metrics Company Profile This chapter provides the company's basic information, including its stock ticker "Nal Shares," stock code "002825," listing venue Shenzhen Stock Exchange, and full company names in Chinese and English, legal representative, and contact details - The company's stock ticker is "Nal Shares," stock code is 002825, and it is listed on the Shenzhen Stock Exchange[21] Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of 972.18 million yuan, a 4.10% increase year-over-year, with net profit attributable to shareholders significantly growing by 79.15% to 114.73 million yuan Key Financial Performance | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 972,182,409.55 | 933,875,193.79 | 4.10% | | Net Profit Attributable to Shareholders of Listed Company | 114,733,304.30 | 64,042,043.99 | 79.15% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 74,198,742.65 | 63,095,317.92 | 17.60% | | Net Cash Flow from Operating Activities | 55,879,151.31 | 7,510,149.60 | 644.05% | | Basic Earnings Per Share (yuan/share) | 0.34 | 0.19 | 78.95% | | Weighted Average Return on Net Assets | 7.37% | 4.41% | 2.96% | | Total Assets (yuan) | 2,709,060,565.56 | 2,553,537,177.41 | 6.09% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 1,593,425,042.88 | 1,518,704,316.10 | 4.92% | Non-Recurring Gains and Losses and Amounts During the reporting period, the company's non-recurring gains and losses totaled 40.53 million yuan, primarily from disposal gains on non-current assets Non-Recurring Gains and Losses | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 39,685,748.91 | | Government Grants Included in Current Profit/Loss | 2,541,991.18 | | Fair Value Changes of Financial Assets and Liabilities | 7,313,421.71 | | Gains/Losses from Entrusted Investment or Asset Management | -1,017,524.38 | | Other Non-Operating Income and Expenses | -803,087.44 | | Total | 40,534,561.65 | Management Discussion and Analysis This section provides a detailed analysis of the company's operations, financial performance, and strategic initiatives during the reporting period Principal Business Activities The company's core business involves precision coating technology, with products spanning digital inkjet materials, automotive protective films, and optical and electronic functional films - The company's main business is divided into three segments: digital inkjet materials, automotive protective films, and optical and electronic functional films[33] - Automotive protective film products (PPF, color change films, window films) show strong sales momentum in 4S stores and automotive OEMs, benefiting from the rise of new energy vehicles and import substitution trends[34] - The company is actively expanding into new sectors like hydrogen energy core materials to drive business growth[33] Analysis of Core Competencies The company's core competencies lie in technology R&D, brand and channel strength, digital operations, and scaled production capabilities - The company is a national-level "Little Giant" enterprise, possessing a Shanghai-recognized enterprise technology center and strong R&D capabilities[37] - In the first half of 2025, the company applied for 27 new patents, including 18 invention patents; as of the reporting period end, it held 18 valid invention patents and 75 utility model patents[38] - The company has a robust marketing network with over 200 brand agents domestically and products sold in over 90 countries and regions internationally[41] - The company continuously advances its digital transformation, building smart factories and intelligent logistics to enhance operational efficiency and delivery capabilities[43] Analysis of Main Business Operations In the first half of 2025, operating revenue reached 972.18 million yuan, up 4.10%, and net profit was 114.73 million yuan, up 79.15%, driven by investment gains and cost efficiency Key Income Statement Items | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-over-Year Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 972,182,409.55 | 933,875,193.79 | 4.10% | - | | Financial Expenses | -7,347,430.28 | -12,984,404.08 | 43.41% | Exchange gain/loss changes | | Income Tax Expense | 15,657,740.68 | 1,722,107.53 | 809.22% | Primarily due to gain from transfer of Moku equity | | R&D Investment | 58,202,099.67 | 43,333,655.26 | 34.31% | Increased investment in new product R&D | | Net Cash Flow from Operating Activities | 55,879,151.31 | 7,510,149.60 | 644.05% | Increased customer collections | | Net Cash Flow from Investing Activities | -107,977,804.32 | 33,843,632.29 | -419.05% | Increased purchases of production equipment and wealth management products | Revenue Breakdown by Product | Revenue Component (by Product) | Current Reporting Period Amount (yuan) | % of Total Revenue | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Digital Inkjet Materials | 621,963,989.13 | 63.98% | 6.59% | | Automotive Functional Films | 287,292,872.64 | 29.55% | 23.25% | | Optical and Electronic Functional Films | 43,257,145.10 | 4.45% | -6.50% | | Other | 19,668,402.68 | 2.02% | -72.30% | Revenue Breakdown by Region | Revenue Component (by Region) | Current Reporting Period Amount (yuan) | % of Total Revenue | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Domestic | 480,336,099.00 | 49.41% | 15.74% | | International | 491,846,310.55 | 50.59% | -5.21% | Analysis of Assets and Liabilities As of the reporting period end, total assets were 2.709 billion yuan, a 6.09% increase from the end of the previous year, with significant changes in construction in progress and short-term borrowings Key Asset and Liability Items | Major Asset/Liability Item | Current Period End Amount (yuan) | % of Total Assets | Prior Year End Amount (yuan) | % of Total Assets | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction in Progress | 115,594,372.89 | 4.27% | 31,205,541.81 | 1.22% | Increase due to purchase of production equipment | | Short-Term Borrowings | 386,113,101.84 | 14.25% | 241,007,904.68 | 9.44% | Increase due to bill discounting | - The company disclosed two major overseas assets, the Thailand factory and Nal Thailand, totaling approximately 6.25% of the company's net assets, with no significant impairment risks[56] Analysis of Investment Status During the reporting period, the company engaged in securities and derivative investments, primarily for hedging exchange rate and raw material price risks - The company invested in the "Evergreen Fund" with a book value of 28.48 million yuan at period end, generating a profit of 4.85 million yuan during the reporting period[60] - The company uses forward foreign exchange contracts and futures for hedging to mitigate exchange rate and raw material price risks; the actual gain/loss from hedging activities was -1.13 million yuan during the reporting period[62][64] Analysis of Major Holding and Associate Companies This report details the operational performance of Nantong Nal Materials Technology Co., Ltd and Shenzhen Moku New Materials Group Co., Ltd Major Subsidiaries and Associates Performance | Company Name | Type | Principal Business | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Nantong Nal Materials Technology Co., Ltd | Subsidiary | Production and sales of automotive functional films | 250,138,380.84 | 40,225,967.00 | | Shenzhen Moku New Materials Group Co., Ltd | Associate Company | Production and sales of inks | 373,740,731.91 | 67,118,574.70 | Risks and Countermeasures The company has identified and developed countermeasures for four main risk categories: geopolitical instability, economic environment fluctuations, exchange rate volatility, and raw material price fluctuations - The company faces four main risks: geopolitical instability, domestic and international economic environment fluctuations, exchange rate volatility, and raw material price fluctuations[71][72][73][75] Corporate Governance, Environment, and Social Responsibility This section covers the company's governance structure, employee incentives, and efforts in fulfilling social responsibilities Corporate Governance During the reporting period, the company's governance structure saw minor changes, with an independent director's departure and a new appointment, and no planned profit distribution - During the reporting period, there was a change in independent directors: Jiang Wei resigned, and Wan Guohua was appointed[77] - The company plans no cash dividends, bonus shares, or capital reserve conversions for the first half of 2025[78] Employee Incentives During the reporting period, the company actively advanced its employee incentive plans, completing the repurchase and cancellation of some shares from the 2022 plan and initiating a new 2025 plan - The company completed the repurchase and cancellation of the remaining shares from the 2022 Restricted Stock Incentive Plan, which has now concluded[79] - The company launched the "2025 Restricted Stock Incentive Plan (Draft)" and has completed its initial grant[80][81] Social Responsibility The company actively fulfills its social responsibilities by protecting the rights of shareholders, employees, and partners, and by continuously striving for energy conservation and emission reduction - The company protects shareholder rights through improved governance structure and timely information disclosure[84] - The company prioritizes employee rights protection, offering career development platforms, implementing equity incentives, and establishing an employee assistance fund[85] - The company is committed to energy conservation and emission reduction, achieving waste heat reuse through equipment upgrades to lower energy consumption and carbon emissions[88] Significant Matters This section details important events and commitments, including compliance with undertakings, litigation, penalties, and material contracts Commitments During the reporting period, the company, its controlling shareholder, actual controller, and other related parties strictly fulfilled all commitments made during the initial public offering - The company's controlling shareholder and actual controller, You Aiguo, committed not to engage in businesses that compete with the company and to minimize related-party transactions[90] - All parties committed to strictly fulfill their undertakings, with no overdue unfulfilled commitments during the reporting period[92] Litigation and Penalties During the reporting period, the company had no major litigation or arbitration matters but faced several other lawsuits and an environmental penalty - The company is involved in three other litigation matters with a total amount of approximately 4.73 million yuan, two of which were won and are awaiting execution, and one has been executed[98] - The company was fined 200,000 yuan for exceeding environmental emission standards and has invested funds in upgrading its environmental protection systems[99][100] - Company supervisor You Zhixin received a warning letter for short-swing trading[99][100] Material Contracts During the reporting period, the company had no material entrustment, contracting, or guarantee matters, but did have a long-term property lease and engaged in wealth management - The company signed a 20-year (2017-2036) property lease contract for talent apartments, with a total rent of 17.54 million yuan[111] - The company used its own funds for entrusted wealth management, with 150 million yuan transacted during the reporting period and 100 million yuan outstanding at period end[115] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure Share Changes During the reporting period, the company's total share capital changed due to the repurchase and cancellation of shares from its equity incentive plan - Due to the departure of equity incentive recipients and failure to meet performance targets, the company repurchased and canceled a total of approximately 1.47 million restricted shares[121][123] - During the reporting period, the company's total share capital changed from 342 million shares to 341.5 million shares[121] Shareholder Information As of the reporting period end, the company had 20,714 common shareholders, with the actual controller, You Aiguo, holding 28.42% as the largest shareholder Top Ten Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | You Aiguo | Domestic Natural Person | 28.42% | 96,798,244 | | Wang Shuming | Domestic Natural Person | 8.05% | 27,404,138 | | Yang Jiantang | Domestic Natural Person | 7.48% | 25,475,632 | | Zhang Jianliang | Domestic Natural Person | 3.50% | 11,930,000 | | Tao Fusheng | Domestic Natural Person | 2.77% | 9,442,245 | Bond-Related Information This section provides details on any bond-related activities of the company Bond-Related Information During the reporting period, the company had no bond-related information Financial Report This section presents the company's financial statements and related notes, offering a comprehensive view of its financial health and performance Audit Opinion The company's 2025 semi-annual financial report is unaudited Financial Statements The financial statements indicate a stable overall financial position, with growth in total assets and net assets, and significant profit improvement driven by investment gains Consolidated Balance Sheet As of the reporting period end, total assets reached 2.709 billion yuan, a 6.09% increase from the beginning of the period, driven by significant increases in trading financial assets and construction in progress - Total assets increased from 2.554 billion yuan to 2.709 billion yuan, a 6.09% increase[140] - Among current assets, trading financial assets increased from 30.36 million yuan to 145 million yuan; among non-current assets, construction in progress significantly increased from 31.21 million yuan to 116 million yuan[139][140] - Among current liabilities, short-term borrowings increased from 241 million yuan to 386 million yuan[140] Consolidated Income Statement During the reporting period, total operating revenue was 972.18 million yuan, up 4.10% year-over-year, with investment income significantly driving net profit growth - Total operating revenue was 972.18 million yuan, a 4.10% increase year-over-year[148] - Investment income reached 57.95 million yuan, a 163% increase from 22.02 million yuan in the prior year period[148] - Net profit attributable to parent company shareholders was 114.73 million yuan, a 79.15% increase year-over-year[149] Consolidated Cash Flow Statement Net cash flow from operating activities significantly improved to 55.88 million yuan, while investment activities resulted in a net outflow due to asset purchases and wealth management - Net cash flow from operating activities was 55.88 million yuan, a substantial 644.05% increase from 7.51 million yuan in the prior year period[153] - Net cash outflow from investing activities was 108 million yuan, primarily due to 100 million yuan paid for the construction of fixed assets and 150 million yuan for wealth management products[154] - Net cash inflow from financing activities was 108 million yuan, mainly due to 377 million yuan in new borrowings[154] Notes to Consolidated Financial Statements This section provides detailed explanations for key items in the financial statements, including accounts receivable, inventory, construction in progress, and revenue breakdown Other Submitted Data This section includes additional data submitted by the company, covering significant social and safety issues and investor relations activities Significant Social and Safety Issues During the reporting period, the company was fined for exceeding exhaust gas emission standards due to equipment malfunction and has since invested in environmental facility upgrades - The company was fined 200,000 yuan for occasional exceedance of non-methane total hydrocarbon emissions[695] - The company has invested over 2 million yuan in upgrading and expanding environmental protection facilities as a corrective measure[695] Investor Relations Activities During the reporting period, the company engaged in multiple investor communication activities, including on-site visits and online exchanges, with various institutional and individual investors - The company conducted 7 recorded investor relations activities during the reporting period, engaging with both institutional and individual investors[696][697]